Bic Camera : First Quarter ended November 30, 2022

Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results for the Three Months Ended November 30, 2022 (Based on Japanese GAAP)

				January 11, 2023
Company name:	BIC CAMERA INC.
Stock exchange listing:	Tokyo
Stock code:	3048	URL https://www.biccamera.co.jp/ir/
Representative:	Representative Director and President	Toru Akiho
Inquiries:	Managing Director, Business Management	Toru Abe	TEL [phone]
Headquarters
Scheduled date to file Quarterly Securities Report:	January 13, 2023
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results:	No
Holding of quarterly financial results meeting:	No

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the three months ended November 30, 2022 (from September 1, 2022 to November 30, 2022)

(1) Consolidated operating results (cumulative)					Percentages indicate year-on-year changes
		Net sales		Operating profit	Ordinary profit	Profit attributable to
			owners of parent
		Millions of yen	%	Millions of yen	%	Millions of yen		%	Millions of yen	%
Three months ended November 30, 2022	192,160	7.4	1,499	(31.5)		1,953		(34.2)	645	(46.6)
Three months ended November 30, 2021	178,974	-	2,189	-		2,968		-	1,209	-
Note: Comprehensive income	Three months ended November 30, 2022	¥816 million	[(60.0)%]
	Three months ended November 30, 2021	¥2,041 million		[-%]

Note: The Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) and relevant ASBJ regulations effective from the beginning of the first quarter of the fiscal year ended August 31, 2022. Each figure for the first three months of the fiscal year ended August 31, 2022 is the figure after applying the accounting standard and relevant ASBJ regulations. Therefore, the percentages of change from the same quarter of the previous year are not stated.

		Earnings per share	Diluted earnings per share
			Yen	Yen
Three months ended November 30, 2022		3.77	3.77
Three months ended November 30, 2021		6.87	6.86
(2) Consolidated financial position
		Total assets	Net assets	Equity ratio
			Millions of yen	Millions of yen	%
As of November 30, 2022		479,440	167,899	27.2
As of August 31, 2022			456,466	169,133	28.8
Reference: Equity	As of November 30, 2022:	¥130,446 million
	As of August 31, 2022:	¥131,375 million

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2. Cash dividends

							Annual dividends per share
				1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Total
				Yen		Yen				Yen		Yen	Yen
Year ended August 31, 2022				-		5.00				-		10.00	15.00
Year ending August 31, 2023				-
Year ending August 31, 2023 (Forecast)					5.00				-		10.00	15.00
Note: Revision to the forecast for dividends announced most recently:	No
3. Forecast of consolidated financial results for the year ending August 31, 2023 (from September 1, 2022 to August 31, 2023)
											Percentages indicate year-on-year changes
		Net sales		Operating profit	Ordinary profit		Profit attributable to		Earnings per share
				owners of parent
Six months ending	Millions of yen	%	Millions of yen		%	Millions of yen	%	Millions of yen	%		Yen
	407,000	3.7	6,900		(26.9)	8,000	(25.0)			2,800	(41.3)		16.36
February 28, 2023
Full year		823,500	3.9	17,300		(3.2)	19,300	(7.3)			7,800	35.3		45.57
Note: Revision to the financial results forecast announced most recently: No
4. Notes
(1) Changes in significant subsidiaries during the three months ended November 30, 2022				No
(changes in specified subsidiaries resulting in the change in scope of consolidation):
(2) Application of special accounting methods for preparing quarterly consolidated financial statements:	No
(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:		Yes
Changes in accounting policies due to other reasons:							No
Changes in accounting estimates:										No
Restatement of prior period financial statements:							No

(4) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

As of November 30, 2022

188,146,304 shares

As of August 31, 2022

188,146,304 shares

Number of treasury shares at the end of the period

As of November 30, 2022

16,979,902 shares

As of August 31, 2022

16,981,502 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)

Three months ended November 30,

Three months ended November 30,

2022

171,165,504 shares

175,938,504 shares

2021

• Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
• Proper use of forecasts of financial results, and other special matters (Caution concerning forward-looking statements)
  The forward-looking statements, including the earnings forecasts, shown in this document are based on information currently available to the Company and on certain assumptions deemed to be reasonable. Consequently, the statements herein do not constitute assurances regarding the Company's actual results. Actual financial results may differ substantially due to various factors.

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Quarterly consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of August 31, 2022	As of November 30, 2022
Assets
Current assets
Cash and deposits	91,081	82,756
Accounts receivable - trade	41,672	46,460
Merchandise and finished goods	100,872	123,626
Raw materials and supplies	513	598
Program right	176	178
Other	18,128	21,909
Allowance for doubtful accounts	(186)	(183)
Total current assets	252,258	275,346
Non-current assets
Property, plant and equipment
Buildings and structures, net	27,912	29,566
Land	47,594	47,747
Other, net	11,523	11,160
Total property, plant and equipment	87,030	88,474
Intangible assets
Goodwill	5,496	5,315
Other	24,725	24,957
Total intangible assets	30,222	30,273
Investments and other assets
Guarantee deposits	41,094	41,016
Other	46,037	44,483
Allowance for doubtful accounts	(176)	(153)
Total investments and other assets	86,954	85,345
Total non-current assets	204,207	204,094
Total assets		456,466	479,440

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			(Millions of yen)
		As of August 31, 2022	As of November 30, 2022
Liabilities
Current liabilities
Accounts payable - trade	42,810	60,662
Short-term borrowings	65,006	77,865
Current portion of bonds payable	200	230
Current portion of long-term borrowings	22,954	22,488
Income taxes payable	2,455	1,189
Contract liabilities	34,390	33,118
Provision for bonuses	3,867	6,013
Provision for loss on store closings	506	398
Asset retirement obligations	524	609
Other	25,063	25,302
Total current liabilities	197,781	227,878
Non-current liabilities
Bonds payable	400	300
Long-term borrowings	43,945	38,382
Contract liabilities	8,942	8,815
Provision for goods warranties	262	234
Provision for loss on store closing	458	433
Provision for loss on business of subsidiaries and	54	57
associates
Retirement benefit liability	19,767	20,058
Asset retirement obligations	10,187	10,363
Other	5,532	5,017
Total non-current liabilities	89,551	83,662
Total liabilities	287,332	311,540
Net assets
Shareholders' equity
Share capital	25,929	25,929
Capital surplus	27,107	27,109
Retained earnings	98,753	98,002
Treasury shares	(21,693)	(21,691)
Total shareholders' equity	130,097	129,350
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	1,599	1,392
Remeasurements of defined benefit plans	(321)	(296)
Total accumulated other comprehensive income	1,278	1,095
Share acquisition rights	183	196
Non-controlling interests	37,574	37,256
Total net assets	169,133	167,899
Total liabilities and net assets		456,466	479,440

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Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

		(Millions of yen)
	Three months ended	Three months ended
	November 30, 2021	November 30, 2022
Net sales	178,974	192,160
Cost of sales	130,337	140,898
Gross profit	48,637	51,261
Selling, general and administrative expenses	46,447	49,761
Operating profit	2,189	1,499

Non-operating income

Interest income

Dividend income

Share of profit of entities accounted for using equity method

Commission income

Other

Total non-operating income

Non-operating expenses

Interest expenses

Share of loss of entities accounted for using equity method

Other

9	8
6	3
8	-
349	401
542	186
916	599
73	57
-	38
64	50

Total non-operating expenses	137	146
Ordinary profit	2,968	1,953
Extraordinary income
Gain on sale of non-current assets	1	4
Total extraordinary income	1	4
Extraordinary losses
Loss on retirement of non-current assets	34	21
Other	-	3
Total extraordinary losses	34	24
Profit before income taxes	2,934	1,933
Income taxes - current	699	1,043
Income taxes - deferred	292	(116)
Total income taxes	991	927
Profit	1,943	1,006
Profit attributable to non-controlling interests	734	360
Profit attributable to owners of parent		1,209	645

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